New Solution Aims To Reduce The Cost Of Origination And Investor Due Diligence

Overture Technologies and ATS Secured have launched the Settlement Coordinator Workstation, a platform which addresses originators’ and investors’ unsustainable high cost to originate and buy loans. The solution combines the industry’s leading independent automated loan underwriting system with tools to conduct compliance checks, coordinate loan settlement, distribute loan proceeds and secure loan data integrity.

“We are committed to helping our customers profitably transfer credit risk at scale,” said Kim Thompson, EVP, Overture Technologies. “The Settlement Coordinator Workstation is an innovative solution that eliminates redundant operations between originators and the buyers of their loans to ensure loan purchase, avoid assignee compliance liability under TRID and automate secondary market operations – all at a cost and speed the market demands.”

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Overture and ATS created the Settlement Coordinator Workstation to address credit and regulatory compliance of loans before the loan closes – the stage in which defects can be most effectively eliminated. The solution leverages Overture’s Bid application, the only technology that enables investors to underwrite, price, onboard, and surveil mortgage assets on a single platform. ATS Secured enables the coordination of settlement services and the distribution of loan proceeds all on one secure and auditable processing platform.

The Settlement Coordinator Workstation provides invaluable tools to settlement coordinators, who are charged with providing critical due diligence and coordination functions in accordance with investor guidelines and policies to ensure loan purchase and efficient delivery of the loan asset to the investor.

“We think expansion of the use of settlement coordinators is key to more efficient interaction between originators and investors,” Thompson continued. “Today, multiple, redundant reviews, conducted pre- and post-closing, have driven the cost to originate and buy a loan to over $9,000. That’s unnecessary, unsustainable and has done nothing to provide the certainty of purchase that originators need,” she said. “By offering this solution, we’ll enable more service providers to perform settlement coordination functions, including those who are already involved at this stage.”

Overture’s Eligibility Findings Report, offered as part of the Settlement Coordinator Workstation, details the data and documentation requirements for investor loan purchase, similar to the reports originators receive on Freddie Mac and Fannie Mae loans. Once the originator submits this information on the platform, the investor reviews the loan and if acceptable, locks down the data for accurate assessment of compliance and generation of settlement documents. Then, using ATS’ functionality, settlement coordinators can arrange eClosings, electronic recording of collateral documents and disburse loan funds.

“We are energized by the opportunity to work with Overture to bring this innovative new solution to market,” said Wes Miller, CEO of ATS Secured. “Our focus has been on creating a platform that enables the transparent collaboration and interaction TRID requires at settlement – from disclosure to disbursement. So this opportunity to partner with Overture to address this acute industry need was a natural fit for us.”